What To Know If You Deposit More Than $10K Into Your Checking Account

Angela Mae   Mon, August 14, 2023

If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount.

Not only that, but many bank accounts come with maximum deposit restrictions. You may also be subject to certain fees when making such a large deposit. If you frequently make large deposits, you should also watch out for any potential scams or fraudulent activity. But even if this is a one-time thing, it’s still important to know about these factors and how they might affect you.

6 Unusual Expenses Worth Paying Off Before You Retire

Vance Cariaga   August 12, 2023

You can expect to experience many changes in retirement, and one of the biggest has to do with your finances. Unless you decide to keep earning money on the side, you'll be living on a fixed monthly income that doesn't include the normal work raises, bonuses or opportunities to increase your income by switching jobs.

This shift puts a premium on reducing your expenses in retirement to give yourself plenty of financial breathing room. According to an analysis from Fidelity Investments, you can expect to spend between 55% and 80% of your yearly work income throughout your retirement. About 15% of your post-retirement living expenses will go to healthcare costs alone.

What to Do If You Get Rejected for a Loan

Rachel Christian, CEPF®  Senior Writer  AUGUST 2, 2023

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. So, you’ve applied for a loan, and unfortunately, things didn’t go as planned.  Well, you’re not alone.

In June 2023, the overall rejection rate for credit applicants increased to nearly 22% — its highest point since June 2018 — according to a report by the Federal Reserve Bank of New York.

The increase affected people in different age groups and was highest among people with credit scores below 680, the report found.

Are You Rich? Then You Should Probably Have This

Ben Geier  Thu, August 10, 2023

Trusts are useful financial tools, often used for the purpose of planning an estate. A trust is essentially a legal framework into which ownership of assets can be placed. These assets can include financial products like stocks and bonds, or it can include real physical property, like land, jewelry or vehicles. There are a number of reasons one might use a trust, including, but certainly not limited to, estate planning scenarios. If you think you might need a trust or you want help setting one up, consider working with a financial advisor.

7 Tips to Save You When You Feel Like Shopping

By Karen Trefzger

Fall is around the corner, and if you’re anything like me, that can make you feel like shopping.  New clothes, new home décor, those pretty autumn-themed dishes, cute earrings, a fragranced candle – you name it, we may just feel we need something new to celebrate the change of seasons.

But every time we follow this need-to-shop impulse, we may be adding to our clutter.  We may be adding to debt (or at least reducing what we can save or give).  We may be giving in to our desire for more, more, more (and doesn’t that look like a simple case of greed?).

Five Freedoms

Jonathan Clements  HumbleDollar

FOR THREE YEARS, I lived on Roosevelt Island, in the middle of New York City’s East River. It’s a wonderful place—a quiet, friendly, low-crime oasis in the middle of one of the world’s largest, most frenetic cities.

During my time there, the Franklin D. Roosevelt Four Freedoms Park opened on the island’s southern tip. The park is named after a 1941 FDR speech, where he articulated “four essential human freedoms”: freedom of speech, of worship, from fear and from want.

FDR’s speech was inspiring. Managing money is altogether more prosaic. Still, I’d argue that our pursuit of money is also about a hunger for freedom—with five dimensions:

Everyone Has Their Own Money Trauma

Posted August 10, 2023 by Ben Carlson

A reader asks:

I’m 38 years old and for most of my adult life I didn’t make much money. I made just enough to survive with nothing left to invest. Everything changed a few years ago. I went from making $35k per year to around $140k in about 4 years. At first I spent everything, but in the last two years I’ve started doing the opposite. I save everything. My monthly expenses including my mortgage are less than $1,000. My after-tax saving rate is somewhere in the neighborhood of 80-90%. In the last two years I’ve saved about $150k not including maxing my 401k and Roth. My job isn’t going anywhere but I have a constant fear that something is going to happen and everything will be ripped away. Key thing is I have no real skills but happened to hit the lottery at a company that has rewarded me for a decade of hard work. My question is: most financial experts would probably say I’m saving too much but I’m wondering if my situation justifies the high savings rate?

I love this question because it shows how money is more about your mind than math.